Turkish heavy-duty vehicle parts manufacturer Sampa Otomotiv Sanayi ve Ticaret AS has secured financing of €15 million (approximately $16.2 million) from the Islamic Corporation for the Development of the Private Sector (ICD) for the construction of a 21-MW captive solar power plant in Turkey.
The announcement was made by the ICD on Tuesday, with both parties signing a term sheet to formalize the agreement.
The project aims to lower energy costs, reduce carbon dioxide emissions, and support Turkey's net-zero goals. However, specific details regarding the timeline for the project's completion were not disclosed.
This partnership reflects the ICD's ongoing commitment to fostering private sector development within its member countries, especially in key sectors such as renewable energy.
Established in 1999, the ICD operates as a multilateral development financial institution and is a member of the Islamic Development Bank (IsDB) Group.
